Sodium Acetate Market is Primed for Growth with Increasing Use in Food and Pharmaceutical Applications

 

Global sodium acetate trihydrate and sodium acetate anhydrous market 

The global sodium acetate market is primarily driven by sodium acetate trihydrate and sodium acetate anhydrous. These forms of sodium acetate find extensive applications in numerous end-use industries such as food, pharmaceutical, textile, and others. Sodium acetate is widely used as a food additive and preservative in processed meat, cheese, and other dairy products. It helps to prevent bacterial growth and enhances the shelf-life of packaged food items. In the pharmaceutical industry, sodium acetate is employed to make tablets, solutions, and liquid formulations owing to its pH buffering properties. The compound is also utilized as a mordant in textile dyeing to improve color fastness.

The Global sodium acetate trihydrate and sodium acetate anhydrous market is estimated to be valued at US$ 136.98 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the Global sodium acetate trihydrate and sodium acetate anhydrous market are AbbVie Inc., Ablynx NV by Sanofi SA, Arrowhead Pharmaceuticals, Inc., Baxter International Inc., AstraZeneca PLC, Boston Scientific Corporation, Becton, Depomed, Inc., Fraunhofer Gesellschaft Munchen, Janssen Global Services, LLC., Luye Pharma Group, Pfizer Inc., Quark Pharmaceuticals Inc., Rexahn Pharmaceuticals Inc., Savara Inc., Roche Holding AG, Suda Limited, Vectura Group PLC, Taiwan Liposome Company, Ltd., and 3M Company.

The growing demand from the food industry is one of the major factors driving the sodium acetate market. Sodium acetate is widely used as a food additive and preservative to enhance the shelf life of various packaged food products. It prevents microbial contamination and food spoilage by maintaining optimal pH levels.

Geographically, the sodium acetate market is expanding rapidly across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to witness the fastest growth owing to increasing food processing and pharmaceutical industries in countries such as India and China.

Market key trends

One of the key trends prevailing in the global sodium acetate market is the increasing use of sodium acetate trihydrate and sodium acetate anhydrous forms as pH stabilizers and buffering agents in the pharmaceutical industry. The compound helps to maintain optimum pH levels in tablets, solutions, and liquid drug formulations. Its buffering property allows drugs to be absorbed properly in the body without affecting gastric acid levels. Rising pharmaceutical R&D activities and new drug development processes are expected to drive the demand for sodium acetate over the forecast period.

Porter's Analysis

Threat of new entrants: Low barriers to entry due to the ease of manufacturing process.
Bargaining power of buyers: Strong bargaining power of international buyers due to presence of multiple suppliers.

Bargaining power of suppliers: Limited number of suppliers results in higher bargaining power.

Threat of new substitutes: Potential threat from substitutes like sodium propionate due to their similar functional properties.

Competitive rivalry: Intense competition among existing players to gain higher market share.

Geographically, North America holds the major share in terms of value due to extensive use of sodium acetate trihydrate and sodium acetate anhydrous in pharmaceutical formulations.

Asia Pacific is projected to witness the fastest growth over the forecast period attributable to rising healthcare expenditure and growing pharmaceutical industry in China and India.

Geographically, China holds the major share in terms of value in the Asia Pacific region owing to increasing sodium acetate trihydrate and sodium acetate anhydrous consumption in major end-use industries like food, pharmaceutical, and leather treatment. India is projected to be the fastest growing country due to supportive government policies to promote pharmaceutical sector growth.